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IFAs in test scheme for workplace advice

Six IFAs are taking part in a Department for Work and Pensions pilot scheme to give staff whose employers do not offer a pension contribution access to advice in the workplace.

The IFAs are SBJ Benefit Consultants, Shields Financial Services, Simmonds Ford, Wise Speke Financial Services, WR Financial Management and Destini Fiona Price. Pension providers involved are Legal & General, Norwich Union, Prudential, HSBC and Standard Life.

The scheme will compare the effectiveness of four ways of advice – a simple information pack, an information pack plus a presentation from a product provider, an information pack and presentation with some generic advice from the product provider or an IFA presentation plus one-to-one advice.

The data will be evaluated by next summer when a decision will be made on the most efficient way of making people understand their potential income in retirement.

Work and Pensions Secretary Andrew Smith says: “The workplace pensions information pilot aims to test the best ways that employers can ensure that staff have vital pension information they need. We have powers in the Pensions Bill to require firms not offering pensions to offer their staff advice, powers which we will consider invoking on the basis of the evidence.”

Destini Fiona Price business development manager Caroline Anstee says: “They are comparing IFAs with the other ways of getting advice out there. Hopefully we will be able to show that the IFA is the best solution. This is a great opportunitiy to get involved in moulding legislation in a way that can help our profession.”

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